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28 <br />29 F INANCIAL I MPACTS <br />30 The City Council is required to approve any issuance of tax-exempt financing by the City. The City’s <br />31 Bond Counsel of Briggs & Morgan, has reviewed the legal and financing agreements, and will provide <br />32 an unqualified opinion as the legality of the bonds and their tax-exempt status. <br />33 <br />34 There is no fiscal impact on the part of the City. All costs of debt issuance will be paid by the applicant. <br />35 In addition, the City does not intend to issue any direct debt in 2020. As a result, this issuance will not <br />36 jeopardize the “bank-qualification” Status of any new City debt issues. <br />37 <br />38 To offset the administrative costs and in recognition of the value associated with the the City’s bonding <br />39 authority, the City of Roseville will receive an administrative fee of 1% of the amount financed, which is <br />40 consistent with the City’s Conduit Debt Financing Policy.Historically, these fees have been deposited <br />41 into the General Fund, but they could be used for any public purpose. As proposed, the financed portion <br />42 of the project is $34 million. This would garner $340,000 in issuance fees. <br />43 S TAFF R ECOMMENDATION <br />44 Staff recommends the Council approve the attached resolution, as prepared by Bond Counsel, approving <br />45 the issuance of tax-exempt notes on behalf of Roseville Leased Housing Associates I, LLLP. <br />46 R EQUESTED C OUNCIL A CTION <br />47 Adopt the attached resolution approving the issuance of approximately $34 million in tax-exempt <br />48 Multifamily Housing revenue notes on behalf of Roseville Leased Housing Associates I, LLLP. <br />49 <br />50 <br />Prepared by: Michelle Pietrick, Finance Director <br />Attachments: A: Resolution approving issuance and sale of Multifamily Housing Revenue Refunding Note on behalf <br />of Roseville Leased Housing Associates for the Twin Lakes Family Apartment Project. <br />. B: Funding Loan Agreement <br /> C: Project Loan Agreement <br /> D: Amended and Restated Regulatory Agreement <br /> E: Assignment of Mortgage and Assignment of Leases and R <br />51 <br />Page 2 of 2 <br /> <br /> <br /> <br /> <br />